All Forum Posts by: Michael Lee Gundersen

Jamie, thank you for the feedback, I really appreciate it! I'll be asking those questions in the interview process among others. Do you recommend any absolute hard and fast rules to hold the company to or essentially interview them and then if chosen, let them do their thing? Trying not to micro-manage, but also understanding these will ultimately be my responsibility if something goes wrong.

Kim, also thank you for the NARPM info, that is quite a wealth of info and a list of hundreds of PMs. Thanks again!

I am new to investing in San Antonio and just made an offer on a 4-plex. I am working full-time and expect to have a property management company handle the property, but want to set expectations for them based on what I've learned through my studies. Does anyone here have any solid property management companies you work with or recommendations on how to vet them when interviewing them? 

I will be attending today for the first time and I look forward to meeting each of you. Thanks Rick for putting this event together and see you all tonight.

Hey guys, I am new to BiggerPockets and just started my journey in the last couple weeks and have been consuming information like crazy while determining what direction to go. I look forward to meeting each of you here either in future meet ups or me buying you lunch to just connect and build a relationship as we journey through this together. I do have a couple questions if anyone has thoughts, I would greatly appreciate them.

What about working directly with a wholesaler if my goal is to have multi-family buy and hold rentals? Is it worth not getting the deal myself and buying from a wholesaler and him taking his cut with his work through the direct mail, D4D, etc? What are the average differences in return by going this route? Also, a step further, what about the difference between buying from a wholesaler to buying from a turn-key operator? I have zero experience in rehabbing a property but know I need to learn how (or have people I would trust implicitly doing the work) in order to be successful, but am interested in the average differences in return by going each of these routes. I know they progressively get easier/more passive the further down the line, but we wouldn't have turnkey operators unless someone was making money by using them? Trying to balance a full time job and family, but wanting to understand with eyes wide open what I am getting myself into!

@Michael Plante Makes sense, thank you for the help!

@Don Aleshire Thank you for the link, I'll definitely check it out! Looks like we're in similar boats as far as experience and drive! I wish you all the best of luck and am excited to see you achieve your goal by 40.

@Michael Plante We live entirely off a base salary after taxes of $4562 a month ($1000 mortgage, prop taxes, insurance, food, vacation savings, etc) and I also make about $5000 a month in commissions. We pay $750 extra towards the mortgage and have annually made $5000 or $6000 additional payments to the mortgage (4% 30 yr fixed). 

@Bernard Reisz Thank you for that info, I appreciate it! Where do you recommend finding some of those options locally (or does it matter if not local) and how to vet them without much financial experience? 

Hi Fellow Members!

This is my first post and my first month of being on BiggerPockets and I am so excited about all of the things I've learned from all of the podcasts, forum posts and blogs I've read so far. I am SOLD on this mindset and am trying to absorb as much information as I can before pushing forward into the decision-making time of buying my first rental property. My wife and I currently have about $10,000 in liquid savings, $20,000 in stocks, $130,000 in 401K and about $40-50K in equity in our only home, our current residence. We have the capacity to save around $4,000 a month or so from my paychecks and want to begin saving as much as possible for a future down payment on our first property. With this savings growing quickly, where should we keep our savings to get some kind of a return in the meantime while I crunch numbers, read books and absorb as much as I can before making that first decision? We're currently doubling our mortgage payment, should we stop? Thank you so much in advance for any advice any of you can offer!